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(b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction <br />of the Issuer be invested in Defeasance Securities, maturing in the amounts and times as hereinbefore <br />set forth, and all income from such Defeasance Securities received by the Paying Agent/Registrar that <br />is not required for the payment of the Certificates and interest thereon, with respect to which such <br />money has been so deposited, shall be turned over to the Issuer, or deposited as directed in writing <br />by the Issuer. Any Future Escrow Agreement pursuant to which the money and/or Defeasance <br />Securities are held for the payment of Defeased Certificates may contain provisions pernutting the <br />investment or reinvestment of such moneys in Defeasance Securities or the substitution of other <br />Defeasance Securities upon the satisfaction of the requirements specified in subsection 7(a)(i) or (ii). <br />All income from such Defeasance Securities received by the Paying Agent/Registrar that is not <br />required for the payment of the Defeased Certificates, with respect to which such money has been <br />so deposited, shall be remitted to the Issuer or deposited as directed in writing by the Issuer. <br />(c) The term "Defeasance Securities" means (i) direct, noncallable obligations of the <br />United States of America, including obligations that are unconditionally guaranteed by the United <br />States of America, (ii) noncallable obligations of an agency or instrumentality of the United States <br />of America, including obligations that are unconditionally guaranteed or insured by the agency or <br />instrumentality and that, on the date of the purchase thereof are rated as to investment quality by a <br />nationally recognized investment rating firm not less than AAA or its equivalent, and (iii) noncallable <br />obligations of a state or an agency or a county, municipality, or other political subdivision of a state <br />that have been refunded and that, on the date the governing body of the Issuer adopts or approves <br />the proceedings authorizing the financial arrangements are rated as to investment quality by a <br />nationally recognized investment rating firm not less than AAA or its equivalent. <br />(d) Until all Defeased Certificates shall have become due and payable, the Paying <br />Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Certificates <br />the same as if they had not been defeased, and the Issuer shall make proper arrangements to provide <br />and pay for such services as required by this Ordinance. <br />(e) In the event that the Issuer elects to defease less than all of the principal amount of <br />Certificates of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such <br />amount of Certificates by such random method as it deems fair and appropriate. <br />Section 8. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED <br />CERTIFICATES. (a) Replacement Certificates. In the event any outstanding Certificate is damaged, <br />mutilated, lost, stolen or destroyed, the Paying Agent/Registrar sha11 cause to be printed, executed <br />and delivered, a new certificate of the same principal amount, maturity and interest rate, as the <br />damaged, mutilated, lost, stolen or destroyed Certificate, in replacement for such Certificate in the <br />manner hereinafter provided. <br />(b) Ap lp ication for ReQlacement Certificates. Application for replacement of damaged, <br />mutilated, lost, stolen or destroyed Certificates shall be made by the registered owner thereof to the <br />Paying Agent/Registrar. In every case of loss, theft or destruction of a Certificate, the registered <br />owner applying for a replacement certificate sha11 furnish to the Issuer and to the Paying <br />14 <br />